Plenty of ink has been spilled on the root causes behind this troubling phenomenon, from high student debt to the rising costs of healthcare. Yet there is one part of the world where entrepreneurship is alive and well: emerging markets. In such nations, millennials are both a powerful consumer demographic with well-defined tastes and on the cutting edge of the entrepreneurial revolution. In these areas, millennials help drive economic transformation by opening a wide range of businesses and catering to diverse needs.

So why is millennial entrepreneurship on the rise in developing economies? The answer is a confluence of complex factors, including capital, demographics and innovation environment.

Another catalyst for entrepreneurship may be the potent mixture of perception and ambition. Though 76 percent of millennials emphasized that business was a positive force in the world, the majority believe that large corporations can — and should — do more to alleviate widespread concerns such as conflict, inequality and corruption. In a similar vein, 65 percent of millennials in emerging markets believe their development needs aren’t being met by employers. The vast majority of millennials (69 percent in southeast Asia and 80 percent in Latin America) perceive entrepreneurship as a sign of success.

It’s easy to see how this dissatisfaction with the status quo, combined with a hunger to do better, can translate into a greater number of entrepreneurs.

Access to capital.

Even in the most developed of economies, venture capital is on the decline. Funding for U.S. startups fell 25 percent from the third quarter of 2015 to the first quarter of 2016, leading to a sharp drop in total valuations — a high of $61.5 million to just $18.5 million.

The key to female success? Funding — albeit not in the form of venture capital, which continues to sport a pronounced gender gap. In the United States, 1,864 male founders have received VC funding, compared to only 141 women.

Instead, funding in emerging markets often comes in the form of microfinance. These modest, low-interest loans spur small businesses. The concept is simple: Nonprofits bet that lending small sums to female entrepreneurs in underdeveloped areas can help individuals — and in the process, stimulate local economies. One such organization, Kiva, has loaned more than $690 million to over 1.3 million borrowers across 86 countries. Even more impressive? Kiva’s 98 percent repayment rate.

Granted, microfinance is not the end-all of international aid. At times, it can be hampered by stringent repayment terms, insufficient government regulation or violations of terms (such as replacing a roof instead of starting a business). Still, for women in these underserved areas, microfinance is a lifeline. Access to credit institutions, insurance and savings are highly limited. Even if small loans aren’t a silver bullet, they’re certainly a catalyst for both entrepreneurship and a heightened standard of living.

Surging entrepreneurship has a number of diverse causes, all of which yield some interesting lessons. If anything, these successes illustrate that a nation’s level of development isn’t a prerequisite for entrepreneurship. Nor is age a determining factor in tenacity, drive and business success.